In 1946, three years before he built his famous Glass House in New Canaan, Connecticut, renowned architect Philip Johnson designed a beach house in the Hamptons based on plans drawn up by Mies van der Rohe.
Johnson considered the Farney House, nestled in the dunes of Sagaponack supported on raised log piers, one of his finest commissions and used it as a template for subsequent designs.
The house, which was later expanded and updated by local architect Mark Matthews and features a stunning glass-enclosed living room with spectacular ocean views, is now for sale at $35 million.
The 5,000-sq-.ft., 8-bed, 7-bath wooden residence sits on 3.6 oceanfront acres with 363 ft. of pristine Hamptons shoreline, and is accessed by a private road situated a substantial distance from any public beach access.
The property includes a lovely free-form swimming pool, tennis court, play area, a chipping/putting green and basketball court incorporated into a beautiful landscape design, as well as a long boardwalk running from the house to the beach. The house has been featured in a number of notable publications and architectural reviews of Johnson's work.
Friday, July 10, 2009
Philip Johnson Hamptons House for Sale
Sunday, June 7, 2009
Spelling Manor on the Market for $150 Million
The home of the late producer Aaron Spelling has been placed on the market for a whopping $150 million by widow, Candy Spelling. The French chateau-style mansion, located in the exclusive Holmby Hills neighborhood, is the largest residential property in Los Angeles County, coming in at 56,500 square feet. The three-story mansion, built in 1991, is set on more than 4.6 acres and neighbors the Playboy Mansion and the Los Angeles Country Club.
The "Manor" has been reported to have more than 100 rooms, however neither Spelling or her Coldwell Banker agent, Sally Forster Jones could confirm the total number of rooms as the mansion has continued to evolve over the years.
With literally more rooms than one could count, the mansion features a bowling alley, a media and projection room, a wine cellar and tasting room, a library, a gym, a humidity-controlled silver storage room, among many others. Even the 17,000-square-foot attic is lavishly equipped with both a barber shop and a beauty salon.
Also on the grounds is a tennis court, 16 car ports, a pool and spa, a reflection pool with an adjoining pool house and kitchen, several fountains and waterfalls, a rooftop garden, a citrus orchard and an exquisite 18th Century-style garden.
According to the Associated Press, Spelling plans on moving into her two-story Los Angeles condominium, which she purchased last year with a considerably less price tag of $47 million.
Fleur de Lys
Properties that have proper names like people or pets generally also have accompanying high price tags! According to the L.A. Times, Candy Spelling recently listed her Holmby Hills mansion, the Manor, at $150 million, making it the most expensive residential listing in the U.S. It supplants the Fleur de Lys, a property in the same neighborhood, which is for sale at $125 million.
Los Angeles County now boasts the two highest residential listings in the U.S. A nearby mansion, the Fleur de Lys, is listed at $125 million. The property has been on the market since spring 2007. Joyce Rey of Coldwell Banker Previews International is the listing agent for this listing.
The Fleur de Lys sets on five acres of land with 54,000 square feet of living space, including 12 bedrooms and 15 bathrooms. According to NME News, super-size diva extraordinaire Mariah Carey and actor/singer Nick Cannon recently submitted a purchase offer. Maybe they will check out the Manor and submit an offer there, too?
Saturday, March 21, 2009
Penthouse of Century
The Los Angeles Times Business section reports the penthouse of the Century has been sold. The luxurious flat was purchased by Candy Spelling, widow to the late TV mogul, Aaron Spelling. Actually, the confirmed sale makes Spelling a resident in waiting, as she bought the top two floors in the Century, a soon-to-be vertical-luxury development currently under construction in the Century City area of Los Angeles County. The $47-million price equates to $2,848 per square foot, which makes Spellings' two-story tower to measure out to more than 16,500 square feet.
The high-rise, which is expected to be ready in 2009, is situated on four acres of land that seem to be a million miles away from the Century City business community it borders. The landscaping is pristine and as fresh as a PGA tournament-approved golf course. The development is a 42-story high rise by Robert A.M. Stern Architects that offers three floor plans. Larger-than-life amenities for residents include access to a large theater room, a banquet room, the Assouline Culture Lounge, and a 75-foot swimming pool for starters. A concierge closet will be available on each floor to facilitate incoming and outgoing packages, deliveries, laundry services, and such matters, tidily.
The exclusive lifestyle neighborhood of Century City is next door to Beverly Hills as well. The view from atop the Century stretches from the Santa Monica Mountains to the Pacific Ocean.
W Hollywood Hotel & Residences Celebrates Topping Out
Topping out is a key milestone of the construction progress, occurring when a project completes its vertical rise. The luxurious W Hollywood Hotel & Residences has just completed its topping out, celebrating in true Hollywood fashion.
The W Hollywood Hotel & Residences is the first branded residence of its kind in the city of Los Angeles. It will provide hotel, retail and luxury for-sale residences located at 6520 Hollywood Blvd., fronting a full city block of the famous thoroughfare from Vine to Argyle.
The dramatic topping out ceremony for the W Hollywood Hotel & Residences, included an awe-inspiring performance by professional aerial acrobats unfurling celebratory banners from the rooftop, as well as appearances by late-night talk show host Jimmy Kimmel and Los Angeles Mayor Antonio Villaraigosa. The topping out ceremony marks the timeline of the project's completion, due to open in November of 2009.
"There will be only one W Hollywood when it opens in November of 2009 and we are proud to demonstrate our commitment to this unique project by celebrating a key construction milestone," said Marty Collins, president and CEO of Gatehouse Capital. "Let there be no doubt; Hollywood loves a comeback, and today's celebration confirms that the most anticipated comeback of 2009 will be the return of sophisticated, glamorous lifestyle to Hollywood & Vine at the completed W Hollywood."
Developed by Gatehouse Capital in partnership with HEI Hotels & Resorts, the $350 million development will offer a world-class lifestyle opportunity boasting lush landscaping, engaging art installations, striking design features and thoughtful living spaces, creating a lifestyle environment like no other residential property in Los Angeles.
The W Hollywood will have the best features that W Hotels around the world are known for, including chic design, luxury finishes, modern art, exclusive restaurants and premium service. Its location in the heart of Hollywood, at the nexus of the world's most famous intersection gives the luxury accommodation the bonus of dramatic views and premier nightlife, in every aspect from the hotel to the residential enclave featuring 143 exclusive residences paired with the Whatever/Whenever® services and amenities of the adjacent 305-room W Hollywood hotel.
In addition to being built for luxury living, the W Hollywood is being built using eco-conscious construction methods, according to LEED specifications. "Hollywood and Vine is one of the world's most famous intersections and now it's making a Hollywood comeback with the W Hollywood Hotel and Residences," said LA City Council President Eric Garcetti, whose district includes Hollywood. "When complete, the W Hollywood will be the landmark eastern gateway to our renewed Hollywood Entertainment District. This new project is registered for LEED certification with sustainable design, easy access to mass transportation, use of low impact design and construction techniques and a host of new technologies designed to conserve and reduce energy and natural resource consumption."
"The Hollywood and Vine project brings good-paying jobs, transit-oriented development, affordable housing, and economic growth to the heart of our City," said Mayor Villaraigosa. "It is a sign of our ongoing commitment to smart investments across the LA landscape, and it will add yet another star to our 'walk of fame'."
Thursday, February 26, 2009
Obama'S Address Urges Nation To Move Forward
If nothing else, Obama's address to Congress was a much needed band aid applied to the wounds of the American public, along with a kiss on the forehead, and the promise that "things will be better tomorrow".
He acknowledged that the economy was in crisis and he was aware of the challenges that every American was facing. His message was built around hope and the promise that "We will rebuild, we will recover, and the United States of America will emerge stronger than before."
He described the country's current economic situation as the result of a combination of factors that occurred over a series of years, preceding the market collapse:
- The high cost of healthcare
- Inadequate education standards that have prevented graduates from competing in global economy
- Poor planning for future needs of the country
- Irresponsible lending practices
- Living beyond our means at an individual and government level
His plan of attack works to reverse these wrongs, take steps to prevent them from reoccurring, and eventually create a stronger, healthier nation going forward. In part, the recovery plan includes the following goals:
- Increase job creation by reinvesting in education, health care, solar powered construction industry, mass transit, and law enforcement
- Stimulate the real estate market by providing assistance to lenders
- Offer housing plan designed to assist millions of homeowners threatened with foreclosure
- Hold banks accountable for all monies received. Among other stipulations, they are expected to provide evidence that the funding is increasing lending accounts.
- Health care and Social Security reform
- Tax cuts for 95% of working families. Those making over $250,000 a year will see fewer tax breaks.
- Remove tax breaks for work contracted out overseas.
- Double the country's supply of renewable energy in the next three years and support research to develop new technologies.
With credit being the basis for the whole economy, this recovery plan is based on giving the public the confidence to get off the fence and purchase that new home or car they've been putting off.
Obama goes on to state,"That is why this administration is moving swiftly and aggressively to break this destructive cycle, restore confidence, and re-start lending."
He emphasized the analogy that out of every tragedy comes something positive, and sited the example of a town in Greensburg, Kansas that was destroyed by a tornado.
"The tragedy was terrible," said one of the men who helped them rebuild. "But the folks here know that it also provided an incredible opportunity."
Recently, The Wallstreet Journal reported that the combination of declining home prices and low interest rates in many markets, are making it more attractive to own a home than rent. Green Street Advisors, a real estate firm in Newport Beach, California, reported that in the last 18 years, mortgage payments averaged between 26 and 66% more than rent. By the end of 2008, the average monthly rent for the key 50 metropolitan areas was $1,045, compared to the after-tax mortgage payments of $1,300 – a difference of only 24% more than rent payments.
If interest rates fall to 4.5%, which a number economists are predicting, then mortgage payments would only be 14% higher than rent payments.
American's have been so overwhelmed by this crisis, that many, unfortunately, can't see the opportunities that may be sitting in front of them. Obama's recovery plan may not solve all the nation's problems, but it may provide the boost that American's need to get back in the ring.
By: Adam Robinson
Monday, January 19, 2009
The New Road to Home Ownership
For many a beautiful family, a large yard in a good neighborhood and home ownership are still part of the American Dream. It's time for this to stop being a dream and become reality. With lending institutions tightening there lending requirements it all but seems impossible for the dream of many to become reality. But there are choices, options and other avenues for a person to pursue. That option being Lease Optioning a home.
What is Lease Option? A lease option provides a way for many people to become home owners in today's market. A lease option allows a person to obtain there piece of the American Dream without having to qualify for traditional lending up front.
Here's how it works. You find a real estate investor with a home to sell that fits your needs and criteria. Once you have viewed the property and agreed to terms on the home you would then pay an option fee. This option fee is paid because you are asking the seller to take his/her home off the market to sell so that you may lease the property until you can get enough money for a down payment or work out whatever credit issues you may have prior to purchasing. Your lease term is agreed upon by you and the seller. The other terms should be established at this time such as monthly lease payments, purchase price, extensions, penalties and any other issues you or the seller may have.
There are some Pros and Cons to purchasing a home on lease option terms, let's review them.
Pros:
1. You can enjoy the pride of home ownership right away
2. You lock in your purchase price today even if the home is worth more when your lease term is up and you must purchase.
3. You gain property appreciation which equals equity
4. It's easier than dealing with banks
5. If you have credit issues that prevent you from getting traditional financing this gives you time to work out those issues (a good seller should be able to assist in this area)
6. Your option fee and any rent credit can go towards your down payment reducing the amount of out of pocket expenses you will have when getting traditional financing Cons:
1. If for any reason you decide not to or you can't purchase the home when the lease term is up then you would forfeit your option fee payment.
2. You discover that the property has major defects that were hidden
When looking to purchase a home in this manner we suggest knowing who you are doing business with, getting a home inspection, and understanding all the terms of the transaction.
Searching For the Right Apartment Home For You
Apartment hunting can be a stressful experience, and with good reason. Not only might it require much of your time, but the process can leave you feeling frustrated, disappointed, desperate, or even overwhelmed. For your search to be as effective as possible, you need to try your best to keep stress out of the picture
Fortunately, this isn't as tough as it sounds. Here are six tips to help you find the right apartment without the stress:
1. Know what you want.
Before you venture out there to look at apartments, take the time to decide on what you want in an apartment. Ask yourself questions such as:
* How many bedrooms and bathrooms do I need?
* How much closet space do I need?
* How important is size?
* How important is location?
* Are any features -- such as a good view, crown molding, an updated kitchen, or built-in shelves -- important?
* Where will I park my car, or where can people who visit me park their cars? Where can I put my bike?
* What amenities are important to me? Do I need a doorman, laundry in the building or on the floor, or a fitness center?
* Are pets allowed?
As you ask yourself these questions, decide what your limits are. For example, if you need to live within walking distance of where you work or go to school, look at a map or actually take a walk around the area so you can decide just how far away you'll look.
Also, think about whether there may be acceptable alternatives for meeting your needs. For example, say you need a lot of storage space.
A building that offers a basement storage area to each tenant would perhaps be ideal, but it may not be necessary. If you don't need to access your stuff often, renting space in a nearby self-storage facility might do the trick.
Once you're set on exactly what you're looking for in an apartment, go hunting while keeping all your criteria in mind. Don't waste time checking out listings for apartments that won't fit the bill. For instance, if you must live with your dog, then ask a potential landlord whether she allows pets in her building, or communicate your needs to your broker early on.
2. Stay focused and don't get discouraged.
When you start feeling frustrated with your apartment search, don't despair! Instead, stay focused and keep your eye on the prize. Remember just how excited you were when you started your search, and try to visualize how happy you'll be once you find the right place.
Many apartment hunters also get discouraged when they find what they think is the right apartment only to lose out to someone who beat them with an earlier deposit. If this happens to you, tell yourself that it wasn't meant to be, and just keep at it. So many people have stories about how they missed out on their "dream apartment" only to wind up with something even better. Just think that you'll have such a story to tell one day.
3. Set realistic goals and expectations.
It's hard to find tenants who can tell you that they found the perfect apartment without much effort. Don't expect anything different for your search, and you won't be disappointed. This way, if you find an apartment immediately, great. If not, you'll just take it in stride and know that it's just a matter of time until you reach your goal.
4. Create a plan of action with your roommates.
If you're looking for an apartment with a roommate, discuss what your plan of action is. If you're both too busy to see every listing together, decide how you'll divvy things up. Perhaps you'll alternate the days each of you look at listings, or you'll each be responsible for dealing with different brokers. If only one of you sees an apartment and it passes muster, you can both return to see it again. If you're in a hot market where good apartments tend to go fast, you may decide to go together to visit the ones that strike you as the most promising.
5. Stay organized and take good notes.
Once you start to see more than a few apartments, it's easy to get them confused. Stay organized by taking good notes about your apartment hunting efforts. For example, make a chart (by hand or on your computer) that lists the following:
* an apartment's address; * the broker, owner, or tenant and their contact information; * the number of bedrooms and bathrooms; * the pros and cons; * any promises that were made; and * additional notes.
Use an accordion file to hold any brochures, advertisements, floorplans, listings, photos, or other printed material you have.
6. Ask questions.
Choosing a place to live is a serious matter, so don't be afraid to ask questions. If you don't like the answers you hear or you suspect that your broker or a landlord isn't being honest with you, move on.
If you visit an apartment with a broker and the current tenant is home, take advantage of the opportunity. Ask the tenant questions such as the following:
* Does the heat really work? * Does the apartment get too much or too little sun? * How much are the utility bills each month? * Is noise from neighboring apartments a problem? * Do you think the building and the neighborhood are safe?
Hopefully, you're already feeling less stressed just from having read these tips. If you keep them in mind as you search for your next apartment, you can look forward to a more pleasant path toward finding that perfect place you'll soon call home.
By Karma Amarande
How to Select Your Rental Property
First of all before you think about buying, you want to select your rental property with care. Selecting your rental property with care can save you so much money in the long run. Can save you a lot of unnecessary repairs and all sorts of nagging problems
Always remember location is your number priority and is definitely just as important with rental properties as it is with homes. When you select your rental property with care look for rental properties were people need to live, such as around colleges or within easy access to parking, highways, and public transportation.
You must avoid areas with a high crime rate. An area with a high crime rate will not only reduce the value of your property but also scare away the better tenants leaving you with less desirable tenants who are more likely to damage your property or skip out of paying rent.
When you're just getting started renting property try to keep it simple. Start with single family homes, duplexes, and four unit apartment building because these properties provide the ideal combination of size and manageability until you're ready to take on bigger property.
Larger apartment complexes might be more profitable, but they can be difficult to manage for someone just getting started in real estate investing. Most of the time starting off larger will work if you're partnering up with someone else with the same passionate desire as you.
You must look out for buildings made up primarily of one bedroom apartments because they attract single people which generally translates into a much higher turnover rate.
Every time someone vacate your property, you have to clean the unit, including the carpets. Sometimes you have to replace the carpeting and repair appliances.
One bedroom apartments can also be more tough to rent because people are generally willing to pay less by sharing a two bedroom apartment. Vacancies are a cost that you don't pay for directly, but you lose whenever the unit stays vacant. When you're investing in real estate just make sure you select your rental property with care before you buy.
By Colon Bolden
Renting Apartment to a Tenant With Eviction History
While ordering background check on a prospective tenant, an average landlord would normally focus on the subject's criminal and credit history check. But wouldn't it make sense to add some emphasis to locating possible eviction history of your subject? Especially considering that some jurisdictions prohibit discrimination based on criminal history or conviction of certain types of crimes
If you so far have failed to include screening your potential tenants against existing databases of evictions into the list of pre-rent checks to be done, this is the sort of the omission that should be corrected further on.
The very first thing you are advised to do during the interview with the applicant is to ask a question whether your potential tenant has had any evictions in the past. If in the process of background check that can follow it comes up that the subject lied to you, that taken alone may form substantial grounds for legally refusing to let such tenant in
But what if your applicant honestly responds he or she does have eviction history and that they are on the record, but you still don't like them and wouldn't like to get into landlord-tenant relationship with them? This is the very instance you should be ready to produce your leasing policy
Landlord can safely refuse to rent to someone with a fresh eviction record who was evicted for non-payment. But if the eviction record of your subject in not too recent, and if the eviction was due to something different than refusing to pay the rent in time (for example, eviction due to keeping pets in animal-restricted area), you will be better off if you don't just reject bluntly. You may, as a landlord, after some background history check, opt to accept applicant with eviction record. Especially if they rent together with a responsible co-signer, who qualifies
Talking to some property managers with experience, I discovered that many of them stick to the rule that if the eviction record is somewhere around 10 years old or so, then instead of rejecting your tenant, you should run some investigation of his/her eviction history through public criminal records available to you. On many instances you will find out that your prospective tenant's past eviction was just due to very young age of the individual. If your potential renter is able to provide good references (that can be verified too) and doesn't refuse to submit to a tenant background check, you may consider signing a lease agreement with certain reservations prompted to you by your common sense, your own past experience, and the current situation on the rentals market
By C. Dyson
Keep Your Tenants Happy With These 5 Tips and Increase Your Profits
In difficult financial periods as an investment property owner you want to try and find the best, most loyal tenants and keep them as long as possible to maximise your profits. The next 5 tips will help you along the way:
Tip 1 - Meet your tenant
Even though the property was bought as an investment property, you are still in the people business and going out of your way to meet up with potential leasers can lead to longer, more meaningful relationships between you and your tenant which long term could mean lower vacancy rates and more money in your pocket.
Tip 2 - Give tenants additional benefits
Penalties are really not effective as they punish bad behaviour, another way to get what you want and achieving your goal as a landlord is to reward behaviour you require from your tenant. For example when you sign the lease contract with your new tenant, you clearly want to get them to agree to your terms like having the rental paid on or before the last day of the month or bi monthly inspections. If they agree to your terms you will reimburse a certain amount of their rental back onto their key deposit. They may not reduce their rental payment but over the length of their rental agreement they can build up an extra sum of money that they will get when they vacate your property on your conditions. Another action that could be used to receive a bonus for the tenant is if their rental is paid via debit order. Debit orders are a bit of a bother to set up at the bank but once done they are well worth the effort as you are pretty sure of when your rental will be in your account. Another idea is to give your tenant a small gift when they first move in, for example a dvd player. It may be small but it is a gesture that will cost you a little bit of money at the outset but they will soon realise you are not an ordinary landlord. After they have rented from you for a year you may decide to give them a small television, on the second anniversary something else. This way your tenant remains loyal to you and you get to keep a tenant for a longer period which once again means a lower vacancy rate and cash on your bottom line. The best part of doing this is when they do decide to leave there is an above average chance that they will source the next tenant for you!
Tip 3 - Furnish your unit
In today's day and age you can purchase just about anything on the internet and used furniture can be bought for next to nothing. By offering your rental unit as furnished or semi furnished you can ask for a higher rental and it is one of the cleverest ways to make more money with your investment property.
Tip 4 - Upgrade your property
Another great way to increase your rental is to speak to your tenant and find out what would make the environment better to live in. Many times it may be something really small that could make the world of difference, it might for instance be a heater that would not cost the earth but would improve the tenants living conditions. If the item is bigger it may be beneficial to split the cost with the tenant and tenants you have in the future will also benefit from the purchase.
Tip 5 - Cleaning service
One more way to keep tenants is to offer a weekly cleaning service. There are many advantages of offering this service. Firstly and obviously the benefit to the tenant, secondly and probably the most important benefit, it gives you direct access into your rental property. You are able to keep an eye on your tenant so to speak and are able to pick up if there is any maintenance that needs to be carried out so that it can be done in good time before it turns into a big problem.
Try these 5 tips out in your investment units and you are bound to have happier tenants that are paying more rent over a longer period.
By Brad Nadauld
How to Rent an Apartment Without a Job
Apartment rental demand is up, notably because of the foreclosure epidemic that is sweeping the country. It is true that on the same token home values are dipping and this means that it has never been a better time to buy. Nevertheless, apartment managers are reporting record applications because more and more people are who previously had homes now want to rent first before they can buy. Then there is the economy. While the number of jobless claims have declined somewhat according to the US Department of Labor, the rate of unemployment continues to be a problem and many families are finding that they are faced with both a foreclosure and joblessness at the same time. How can one rent an apartment when they have no job and therefore no certifiable income?
Ask to speak to the manager
When searching for an apartment and you have extenuating circumstances, always speak with the manager directly. This puts your issue in front of someone who can do something about it rather than a front desk operative who can be prejudiced against you because of your income deficiency. Inform the manager than you have been previously employed and that you have resumes out and have interviews lines up.
Show other assets
If you have recently sold your home then you may have some money in the bank that is equivalent to three months in rent. There are however those that have not recently sold their home simply because they didn't have one. If you are just in between jobs and do not have three months worth of assets in an account then use your 401(k) if you have one. Other assets may include money market accounts, stocks, CDs, investments and other tangible sellable assets.
Get a cosigner
If you do not have a job and do not have any money then you might want to get someone to cosign for you. This can be anyone as long as they have verifiable income, good rental history and a reasonable credit rating. Cosigners can be a great way to be approved for an apartment if you are not currently employed.
Look for sublets
Regular apartments will more or less conduct job history checks and income verification on all potential tenants and the criteria for approval is usually 3 times the amount of rent. That simply means your income must be three times the amount of the rent otherwise you may either need a cosigner or you may need to look for a cheaper apartment. There are however, ways of getting an apartment that does not conduct these checks and this is by looking for sublets. A sublet is an apartment that is under someone else's lease but the person now leases to you or lets you assume responsibility for paying rent. In many of these cases a credit check or an income verification check is never conducted.
By Irene James
Should You Rent a Room Or Your Property by the Room?
With the current love affair with buy to let slowing down due to the lack of decent buy to let mortgages many rental markets are becoming stagnated and renting a room is becoming more popular. A high level of competition is keeping down rents from desperate amateur landlords. By-the-room lets are one way of avoiding this and there are several reasons why you should consider renting by the room.
For a start you can get more rent for you property let by the room compared with as a whole, up to twice as much. Also, you'll have less chance of having your whole property empty at any one time. When one-tenant leaves you'll still have rent coming in from the others while you find a replacement for your rented room.
At the moment the average sharer is more likely to be a young professional who's looking for a high standard of accommodation until the point they are able to afford to buy. With mortgages as they are currently and no one buying, there's a strong market in many areas for good quality accommodation to let by the room. Or indeed letting out a room in your residential property.
Aren't HMO's a high risk?
HMO (House in Multiple Occupation) usually refers to a house that is split into separate bed-sits, that is, a flat share where each tenant has their own tenancy agreement or students living in shared accommodation. An HMO must be registered with the local council it is in. If your property has 3 or more storeys AND is occupied by 5 or more people in 2 or more households. It is a good idea to check with your local council if you have any doubts and if you can answer 'yes' to the following three questions you will probably need a license.
1. Does the house have 3 or more storeys?
2. Does the house have 5 or more tenants?
3. Do your tenants share their facilities?
What are the new laws to deal with tenant deposits?
As of April 6th 2007, the law regarding tenancy deposits changed.
A Tenancy Deposit Scheme is designed to protect all the deposits taken by landlords. A lot of landlords think this is an unnecessary extra burden and cost, and some even take a few months rent up front in lieu of a deposit. The scheme applies to all assured shorthold tenancies and is intended to protect deposits and help settle any disputes regarding the return of deposits when a tenancy ends.
Just to confuse things even more, there are two types of scheme available. The landlord can choose which to use.
The deposit is given to a custodial scheme during the period of the tenancy.
The landlord keeps the deposit whilst paying a premium to an insurance service that goes towards the schemes running costs.
Both of these add to the landlord's costs and can be claimed against tax. Can I protect myself against the risks of renting? Renting a property or rent a room is a business and like any business there are risks involved. However if you use a little common sense and forward planning, you can minimise them. You have to have special Landlord Building Insurance, as tenants are a higher risk then homeowners. But you may wish to also look at Landlord Insurance, which can cover anything from a replacement boiler to loss of rent if your tenant does a runner. As with all insurance you're paying for peace of mind and hope you will never have to use it.
Can I find and keep good tenants? Make sure that your accommodation is of a good standard and make a little effort up front before they look at it. This way you should attract the kind of tenants who will want to stay and will look after the property while they live in it. Here are a few simple tips to help you keep your tenants:
Make sure that your property is clean and comfortable. This will command a higher rent with longer-term tenants. Think what you would like. People who rent a room want a comfortable home just as much as people who rent the whole house or flat.
Clean and decorated your room before tenants move in, if you start with a grotty property it will probably stay that way. You might want to leave a supply of cleaning products in the property to get them on the right track.
Make sure you have everything covered in the tenancy agreement before they move in.
They must know who is responsible for what so there are no disagreements later on.
Must sure that you are approachable. If you are not, you may not realise that there are problems until they are blown all out of proportions.
Sort out any problems quickly and have a list of reliable tradesmen you can call on for repairs.
When they move in leave a pint of milk and a loaf of bread (or even a bottle of wine) for incoming tenants. Moving into a new property is stressful enough, so little inexpensive touches like this will be remembered.
If you are renting a room in your residential property then you have more rights Take some time advertising your property. Taking a few more minutes on your advert will pay off in the long run so don't rush it. Look at the other ads that are out there and see what you like and how they have worded them. What would you rent, what wouldn't you rent.
Good Luck with your rent a room
By Colin Warburton
What to Ask a Potential Flatmate?
Now that you've advertised and have a list of potential flatmates, comes the time to choose the "right" flatmate. Many of us find ourselves in a dilemma; debating what to ask and what not to ask. Remember here that no question is silly.
To help yourself make the interview more effective, you should probably have a set of questions prepared. Each of these questions should help you decide if the person you're interviewing is the "right" flatmate for you. It helps you organize your thoughts and frame questions based on what you'd like to know about your potential flatmate.
What do you want in a flatmate? Knowing what you want in a flatmate can help you structure your selection process. Are you looking for someone who shares similar interests and can become a friend too? Or, are you just looking for someone who minds his own business and pays bills on time without necessarily giving you company?
Find out what's important to you when living with a flatmate. It could be personality, hygiene, privacy, or habits. Frame your questions around those topics aiming to gain relevant information to help you decide.
Why an interview is essential to find a good flatmate/housemate? Taking in a flatmate is an important decision and you should feel comfortable and confident with the choice you've made. The time spent interviewing a potential flatmate is like a prelude to living in the same space, giving you an opportunity to gauge the person from close quarters.
Try to remember that the other person would also have come prepared and will be putting their best foot forward. No matter how perfect the interview might have gone, trust your instincts. The best way to get to the real person you're interviewing is by making them comfortable. That's when people let their guard down and are being just themselves.
What questions should you ask at the interview? The questions you ask can be specific to your situation and requirements and also cover some more basic areas. These areas are:
- Personality
- References and past flatmate experiences
- Financial stability
- Living habits
- Student/Employment status
- Length of stay
- References
Some questions that you can ask:
- What are your working hours? - This can help you match your schedules.
- How do you hope to pay the rent (cash in hand or by direct debit or cheque?) - Set financial responsibilities.
- Have you shared a house before? - Ask for references. This provides you an opportunity to ascertain stability and compatibility from other sources.
- Do you smoke or drink? - If this is an issue for you.
- What do you look for in a flatmate? - Gives you a personality check on your potential flatmate.
- How often do you entertain guests?- This can set grounds for dealing with privacy issues.
These are just a few. However, you can always build on the questions leading to more specific areas. If sexual orientation or religion is one of the factors, don't hesitate to ask it. But approach sensitive issues with caution and word your questions carefully.
Don't hesitate to end an interview if the person does not offer information that can help you decide. Be clear in your communication, polite and respectful throughout the interview. Also, ask if he/she has any questions to ask. This can give you more information about what they're looking for and it aligns with your requirements. Besides, it's the polite thing to do.
Try to keep in mind that you're entering into a commitment once you take in a flatmate. Be absolutely sure that you've covered all aspects and have all the information necessary to make a decision.
By Edward Shin
Relationship Between Home Prices and Rent Amounts
It is widely accepted that rent amounts are a fundamental factor in determining the value of housing. If housing prices rise too far out of line with rents, a combination of declines in home values and increases in rent amounts will ultimately occur and enable these two averages to correct back toward each other. Although this relationship between housing values and rents has endured the many peaks and valleys of past real estate cycles, the events of the years from 1996 to 2006 strained this interconnection to unprecedented extents. However, just as gravity causes objects to eventually fall to the earth, subsequent years have shown that this correlation between housing prices and rent is destined to survive.
An examination of Freddie Mac's conventional mortgage house price index reveals that United States home prices doubled from 1996 to 2006. Alternatively, the consumer price index shows that rent amounts only increased half as much as sales prices over the same period of time. This created an identifiable imbalance in this typically synchronized relationship, which then served as a reliable predictor of the paths that both home values and rental amounts would follow in the years to come.
As if imitating a cinema production featuring two lovers involuntarily forced apart, the years of 2007 and 2008 set the scene for housing prices and rents to once again be reunited. Nationwide housing values tumbled by approximately 35% in these two years according to the market tracking company MDA DataQuick. Responding on cue, the real estate research firm RealFacts Inc. reported that rents increased by approximately 10% over the same period.
It may seem illogical that rents could actually increase amidst falling home prices and the economic downturn that usually accompanies a poor housing market. Yet it is actually a poor economic environment that often acts to stimulate the residential rental market. For example, the decline of economic conditions from 2007 through 2008 brought the construction of new housing and apartments to a virtual halt, thereby stunting the supply of available rental property. Simultaneously, the demand for rentals was enhanced by a dramatic increase in the size of the available tenant base. Families displaced from foreclosed properties, growing populations, potential buyers refraining from purchasing until home prices stabilize, difficulties in obtaining financing, and widespread job losses all contributed to make renting a very attractive option for large segments of the population.
As evidenced above, housing prices and rents remained interconnected despite the intense pressures that pulled them apart. Although often overlooked, this durable relationship should be utilized to help predict housing market conditions and prevent the occurrence of economic crises well into the future.
By Brian Icenhower
Your Landlord Guide to Important Rental Property Terms and Words
Are you looking for a landlord guide to unravel the big words and confusing terms used by rental property owners? Our plain English landlord guide will explain every common word and crucial term that you will need to know.
1031 Exchange - Refers to the section 1031 of the U.S. revenue code. What makes it important is that it allows you to avoid paying capital gains taxes when selling your rental property if you use the money to buy another like-kind property.
Capital Gains Tax - The taxes you have to pay if you sell your rental property for a profit. Some countries do not require landlords to pay capital gains taxes.
Eviction - The legal process that rental property owners use to remove nightmare tenants who don't pay rent or break the terms of their rental agreement. As this can be a costly and messy process, it's highly recommended that you look for a landlord guide to do it property.
Fixed Term Tenancy - A popular type of rental agreement where there is a fixed starting and ending date.
Landlord Liability Insurance - Insurance that protects you in case you are being sued by your tenant for injury or losses. This insurance will cover your legal costs and any claims that are made by your tenant.
Notice to Quit - This is a written note that is commonly given to tenants in advance to end a periodic tenancy. Before you can file an eviction lawsuit, you will also have to give your tenant a written notice to quit as a final warning.
Occupant - An occupant is someone who is legally allowed to stay on your rental property as stated in your lease agreement. He is different from a tenant in that he is not responsible for paying you rent. An example of an occupant will be your tenant's children.
Periodic Tenancy - Another common type of lease that is renewed from one time period to another instead of having a fixed end date. A periodic tenancy can be week to week, month to month or year to year.
Section 8 Program - Also known as a housing choice voucher program. This is a U.S. government housing program that helps people with low income by paying 60 to 70% of their rent. As there are many rules regarding this program, read your section 8 landlord guide before accepting a section 8 tenant.
Squatter - Someone who is illegally living on your rental property. This usually happens when your tenant invites someone to stay over for a long time without your permission.
Subtenant - When your tenant re-rents your rental property to someone else, that person is known as your subtenant. In most cases, you will have little control over your subtenant so it is recommended that you do not allow them.
Surrender of Tenancy - When both the landlord and tenant agree to mutually end their rental agreement, the process is called a surrender of tenancy.
Tenancy at Sufferance - If the time period for your lease is over and the tenant continues living on your rental property without your permission, he will be known as a tenant at sufferance. In most cases, he has to continue paying you rent and you can file an eviction lawsuit to remove him.
Tenancy at Will - This is a more informal type of lease where there is no proper written rental agreement. It is commonly a verbal arrangement preferred by landlords who need temporary tenants.
Tenancy for Years - This is another name for a fixed term tenancy. For the full explanation, look for "fixed term tenancy" above.
By Teo Zhenjie
Why Should I Rent a Room in My House?
According to a recent survey conducted by the UK's leading flat and house share site, 58% of those who responded said they chose to live in a flatshare for both social and financial reasons.
One bedroom flats and studios flats are expensive and generally, the more of you there are, the more you'll get for your hard earn't cash. If you live on your own you still need the basics like a kitchen, a bathroom and a living room. If you share you are all paying a bit towards these rooms so sharing the costs. Also, and this is important to a lot of people, there will be other people around if you fancy some company and if you are feeling that you want to be on your own you can go to your room. Of course, there is always the possibility that you will not get on with them, but hopefully you will have vetted them before they moved in.
Who will I be sharing with?
Oh if the answer was that easy! It all depends on you and of course it could be anybody. When you rent a room you could end up with anyone from students and young professionals to families, couples and people in their 60s and over. This aspect of renting a room plus the fact that you can get a Tax Free income has led to the rapid increase of taking in a lodger.
Sharing a flat has increased on popularity with young professionals in recent years.
This is in part due to rising house prices but also to people generally choosing to settle down later in life than has previously been the norm. Also, employers often require builders, engineers, and accountants etc to work in another part of the country on contract work from 6 to 12 months. As a result the average age of flat sharers according to the leading UK flat and house share site is 33 and increasing. Nowadays, sharers are more often than not looking for comfortable, quality accommodation and unlike the old days in the 70's shared accommodation is unlikely to be cheap and nasty. If you search on rent a room sites you will find everything from rooms in shared houses in Brighton for as little as £300 per month at the bottom end to up to luxury en-suite double rooms in West London for £1250 per month and increasing.
What should you do to locate the best flatmates?
That is not difficult now we have the Internet. Look at for a good site, (there is one on our site) and have a look through the rooms for rent adverts. Take your time and see who creates an impression. When you have decided on the sort of flat mate you are looking for you can write a profile on the 'room wanted' ad. You can also tell them about yourself and make your accommodation sound like the best on the site.
By Colin Warburton
You Can Rent an Apartment Even With Bad Credit
It is now common knowledge that many landlords and apartment leasing office managers conduct credit and background checks to determine whether their prospective tenants are qualified to live there. A few years ago this was not the norm but we can more or less expect this when we attempt to lease an apartment. The apartments do this first and foremost to comply with their rules and regulations (these differ from complex to complex). They also do this so they can keep the rental rates high. The practice of conducting routine credit checks has caused a lot of good people to be denied housing simply because they have a spotty credit history. Let us examine how you can avoid getting docked and denied housing which is your basic right as a human being.
Do they absolutely have to do a credit check? I always recommend that before you begin your search for an apartment you pull your own credit. It can be very disheartening to be denied housing because of something in your credit that you know nothing about. It is now possible to get a free copy of your credit report in almost every state in the US as long as you have not received one within the last 12 months. Also if you have been denied credit in the last 30 days you can take that letter to any of the three major credit bureaus and receive a free credit report.
Apartments that do not conduct credit checks Believe it or not, there are apartments that do not conduct credit checks but you must search smart in order to find them.
One place to look is Craigslist which is a vast marketplace where individuals and companies place their property for rental or sale. Craigslist also has a search engine where you can search the vast array of properties being posted literally every minute. There are also excellent rental properties without credit checks on your local newspaper's classified sections.
Apartment finders Apartment finders are also one of the best sources on information regarding hard-to-find landlords that do not conduct credit checks. By virtue of their profession, apartment finders, otherwise known as locators, rub shoulders with numerous landlords and are in a position to know what criteria they use to approve their tenants.
Have someone recommend you If you have spotty credit, you may find that many apartments deny you housing and this can be very frustrating especially since many of them do not conduct a credit check until after you have paid the deposit. You may end up being denied and out of your deposit at the same time. While most of them will automatically refund you the deposit if you are denied, you may not get it until after 30 days because most refunds are usually processed by the "corporate office" and not the apartment itself. You can get over the huddle of credit checks by having someone with good credit and a good reputation write a letter of recommendation for you.
By Irene James
Free Money For Housing
Those who are facing financial hardship have an opportunity to receive free rental grants, or money that the government gives to people that never has to be paid back. These programs are available to help people who are facing a tough situation and need temporary relief.
Generally people end up having trouble making their rent payments because of a recent life event. It may be a job loss, lay off, medical condition, or simply having too more expenses than income. With just a little debt relief in any way, even if it is to help you make your rent payment, gives you an chance to get back on your feet and take back control.
Otherwise, as things continue to worsen individuals could get evicted, lose their cars, and eventually lose their jobs. Not only can that lead to homelessness, but filing for personal bankruptcy becomes a last resort reality. All of these things are bad for the economy, and the government is willing to do whatever it takes to help you avoid that.
Rental grants can often be obtained from your local government agencies. You can make a trip to your city hall to inquire about the available programs or you can search the government database online. What you'll find is a list of available funding options along wit the qualification requirements. In some cases to qualify you must have missed your last two payments, where other programs may need to verify your income and look at how much debt you are carrying. Either way, there is no down payment, collateral or credit check to obtain free money to pay your rent.
By Melissa Sabella
